1. Investor Presentation H1/2010
COLEXON Energy AG
Hamburg, August 11, 2010 | © COLEXON Energy AG

2. CONTENTS
1 Company
2 Market Environment
3 Key Events
4 Financials
5 Outlook
1 | August 11, 2010

3. Company
FACT SHEET
Key Facts Shareholder Structure
• One of the leading key players in solar solutions
• Business segments: Projects, Wholesale and
Solar Power Plant Operation
• Focused on state-of-the-art technologies
• Experience from development of > 1,700 projects
Business Development
m€ H1/2007 H1/2008 H1/2009 H1/2010 %
40
Revenue 29.6 56.6 60.0 109.2 R:1
C AG
Gross Margin 5.9 10.2 18.3 22.2
EBIT 0.8 3.0 5.7 8.6
Net Profit 0.2 1.4 0.3 2.6
COLEXON: A leading player for return-optimized solar solutions.
2 | August 11, 2010

4. Company
SHARE
Attractive share with high potential
WKN/ISIN 525070 / DE0005250708
Ticker
HRP.DE
Symbol
Prime Standard, regulated
Segment
market, Frankfurt/ Main
Shares 17.744.557
SES Research: buy € 7.00
Coverage 7c Holding: buy € 6.00
Silvia Quandt: buy € 4.00
Designated
ICF Kursmarkler AG
Sponsor
Xetra, Frankfurt, Berlin-Bremen,
Markets
Stuttgart
COLEXON complies with transparency directives of the Prime Standard segment.
3 | August 11, 2010

5. Company
POSITIONING
COLEXON covers the most profitable segments in the solar industry
Production of Independent
Engineering & Service &
solar panels and Wholesale Power
Construction Maintenance
components Production
yer
ted pla
lly integra gment
First fu stream se
in d own
• Utilization of synergies from business segments result in increased EBIT-margin
• Stable and secure cash flows strengthen whole business operations
Strong strategic positioning allows continuous dynamic and sustainable growth.
4 | August 11, 2010

6. Company
BUSINESS SEGMENTS
Flexible business model as a basis for stable and dynamic growth
COLEXON follows a flexible business approach for efficient market penetration.
5 | August 11, 2010

7. Company
GROUP STRUCTURE
Strategic focus on Europe and key international growth markets
• Hamburg
Wesel• • • Leipzig
Mainz • Prague
• Tempe • Nice
• Málaga
• Brighton
• COLEXON has offices in Germany, Spain, France, Czech Republic, Denmark,
USA, and Australia.
• Market entry risks reduced by involvement of foreign partners.
COLEXON’s strategic focus is reflected in it’s group structure.
6 | August 11, 2010

8. AGENDA
1 Company
2 Market Environment
3 Key Events
4 Financials
5 Outlook
7 | August 11, 2010

9. Market Environment
SALES MARKET DEVELOPMENT
Sales market development in MWp
20000 CAGR
2009 – 2012
?
13 %
15000
48 %
Uncertain market 59 %
10000 development due 41 %
to EEG changes. 20 %
51 %
5000
0
2006 2007 2008 2009E 2010E 2011E 2012E
Sonstige
Other Spanien
Spain Italien
Italy Frankreich
France USA
USA Deutschland
Germany
Source: EPIA 2009, Global Market Outlook for Photovoltaics until 2013
• 2006 to 2008: Dynamic growth and high excess demand
• 2009: Market slowdown and module oversupply lead to increased competition
• 2010 onwards: Increased international diversification of market growth
Changes in German EEG foster international diversification of market growth.
8 | August 11, 2010

10. Market Environment
PROCUREMENT MARKET DEVELOPMENT
Procurement market development in US$
4,50
4,00
3,50
3,00
S$
2,50
U
2,00
1,50
1,00
0,50
0,00
Q1/08 Q2/08 Q3/08 Q4/08 Q1/09 Q2/09 Q3/09 Q4/09 Q1 0
/1 Q2/1 Q3/1
0 0E Q4/10E Q1 1 Q2/1 E Q3/1 E Q4/1 E
/1 E 1 1 1
Estimation Barclays Capital Actual Development Estimations COLEXON
Source: Barclays Capital estimates, April 2010 / September 2009 (only tier 1 solar panels considered)
• Further but less aggressive price reductions expected for end of 2009 and 2010
• At present, slightly increasing prices due to seasonal increase in demand
COLEXON strongly benefits from decreasing module prices on procurement market.
9 | August 11, 2010

11. Market Environment
COLEXON IN MARKET ENVIRONMENT
Procurement market Stabilization of module prices
• High flexibility on procurement market due to limited
fixed volume buying obligations
• Purchase of low priced modules on the spot market
• Negotiations on long-term delivery contracts with
module manufacturers to increase product range
Diversification of sales market
• Strengthening of company's international presence
by establishing foreign branches
• Risk diversified international expansion due to strong
involvement of local subcontractors/partners
• Mitigation of country-specific risks
Sales market
COLEXON is able to react flexibly to changing conditions in the solat market.
10 | August 11, 2010

12. AGENDA
1 Company
2 Market Environment
3 Key Events
4 Financials
5 Outlook
11 | August 11, 2010

13. Key Events
CURRENT IMPACT OF CHANGES IN GERMAN EEG
Changes in German EEG impact solar industry
State Guaranteed FiT 01 July – 30 September 2010
• Relevant decreases in German FiT from
Size of Integrated Free field Conversion
01 July will impact second half of 2010. system systems systems* area system
• Particularly upstream players will have to < 30 kWp 34.05 ct./kWh 25.02 ct./kWh 26.15 ct./kWh
take margin hits. < 100 kWp 32.39 ct./kWh 25.02 ct./kWh 26.15 ct./kWh
> 100 kWp 30.65 ct./kWh 25.02 ct./kWh 26.15 ct./kWh
• COLEXON sees itself well positioned due
to following reasons: > 1,000 kWp 25.55 ct./kWh 25.02 ct./kWh 26.15 ct./kWh
• Strengthening of international project State Guaranteed FiT 01 October – 31 December 2010
business Size of Integrated Free field Conversion
system systems systems* area system
• Diversified business model enables < 30 kWp 33.03 ct./kWh 24.26 ct./kWh 25.37 ct./kWh
market oriented growth < 100 kWp 31.42 ct./kWh 24.26 ct./kWh 25.37 ct./kWh
• Flexible business structures secure > 100 kWp 29.73 ct./kWh 24.26 ct./kWh 25.37 ct./kWh
efficient market penetration > 1,000 kWp 24.79 ct./kWh 24.26 ct./kWh 25.37 ct./kWh
* excludes areas of arable land
COLEXON has the experience of more than 1,700 realized solar projects worldwide.
12 | August 11, 2010

14. Key Events
OUTLOOK OF IMPACT ON GERMAN SOLAR MARKET
German market is on its way to grid parity
State Guaranteed FiT 01 January 2011 (12 % reduction)
• Grid Parity: electricity from a PV system has the
Size of Integrated Free field Conversion
same cost as electricity bought from the grid. system systems systems* area system
• Economics dependent on grid electricity price < 30 kWp 29.07 ct./kWh 21.35 ct./kWh 22.33 ct./kWh
and its evolution over the plant running time.
< 100 kWp 27.65 ct./kWh 21.35 ct./kWh 22.33 ct./kWh
• Price of one kWh PV-electricity depends on
> 100 kWp 26.16 ct./kWh 21.35 ct./kWh 22.33 ct./kWh
various parameters, such as: interest, tax, etc.
> 1,000 kWp 21.82 ct./kWh 21.35 ct./kWh 22.33 ct./kWh
• EEG changes brought further pressure on the
* excludes areas of arable land
industry to reach grid parity.
€
PV costs
[€/kW h] Estimation for Germany (2011)
PV costs: 18 - 28 ct./kWh
Customer price [€/kWh] Customer price: 10 - 25 ct./kWh
Grid parity for private customers partially reached
PV costs will drive customer electricity prices
Time
COLEXON has the experience of more than 1,700 realized solar projects worldwide.
13 | August 11, 2010

15. Key Events
INTERNATIONALISATION OF PROJECT BUSINESS
COLEXON expands international project business
• COLEXON has expanded its international business
model by entering new growth markets
• Projects with a capacity of more than 10 MWp are under
construction or will be accomplished in 2010
• Core focus markets are Italy and France
• Further important markets are USA, Czech Republic,
Australia, Israel and United Kingdom
• Country specific risks are reduced by a strong
involvement of local sub contractors
• Further increase of revenue share from international
project business in the course of the year Projects in development
COLEXON is positioned in the most relevant growth markets.
14 | August 11, 2010

16. AGENDA
1 Company
2 Market Environment
3 Key Events
4 Financials
5 Outlook
15 | August 11, 2010

17. Financials
PEER GROUP COMPARISON H1/2010
COLEXON Energy AG 12,0 9,5
7,9
8,0 5,3 Ø EBIT-
in %
2,7
4,0 margin
EBIT-Margin 0,0 6.3 %
Development in % H1/07 H1/08 H1/09 H1/10
Phoenix Solar AG 15,0
7,6 7,9 Ø EBIT-
10,0
in % 5,0 -5,4 margin
EBIT-Margin -1,0
0,0
1.4 %
Development in % -5,0 H1/07 H1/08 H1/09 H1/10
-10,0
Centrosolar AG 25,0
15,0 10,1
Ø EBIT-
in %
4,5
5,0 1,2 -9,2 margin
EBIT-Margin -5,0 1.6 %
H1/07 H1/08 H1/09 H1/10
Development in % -15,0
Conergy AG 10,0 1,8 4,9
0,0 Ø EBIT-
in %
-10,0 H1/07 H1/08 H1/09 H1/10
-20,0 -11,6 margin
EBIT-Margin -30,0 -8.4 %
-40,0 -28,8
Development in %
COLEXON had a strong performance from 2007 to 2010 compared to its peer group.
16 | August 11, 2010

18. Financials
PROFIT & LOSS – H1 2010
in Mio. EUR H1 2009* H1 2010 • Turnover grew by 82 % due to
MWp 25 MWp 60 MWp pull-forward effects
Turnover 60.0 109.2
• EBIT grew by 51 % despite
Gross profit 18.3 22.2 lower EBIT-margins
Staff costs -3.6 -5.0
• EBIT-margin: 7.9%
Depreciation -2.9 -3.6
(H1 2009: 9.5%)
Other operating expenses -6.1 -4.9
EBIT 5.7 8.6
Results from investments
-4.8 -4.6
and financial result
EBT 0.8 4.1
Taxes on income -0.7 -1.5
Net profit 0.3 2.6
* Pro-Forma figures
Business benefitted from pull-forward effects due to changes in Renewable Energies Act.
17 | August 11, 2010

19. Financials
PROFIT & LOSS BY SEGMENTS – H1 2010
in Mio. EUR Trading Projects
Power
O&M
• Strong wholesale business as
Plants basis for successful
Turnover 76.6 23.3 8.5 1.0 performance
Share 70% 21% 8% 1%
• Growth of project business
compared to last quarter
Gross margin 11.2 3.0 7.6 0.3
• Own solar power plants with
Share 51% 14% 34% 1%
positive development due to
good weather conditions
EBIT 10.6 -1.6 3.7 -0.1
Share 83% -12% 29% -1%
• International expansion of
project business to realize
further growth
Diversified business model supports sustainable corporate growth.
18 | August 11, 2010

20. Financials
BALANCE SHEET – 30 JUNE 2010
in Mio. EUR 31.12.09 31.06.10 • The financial liabilities include
Assets 323.1 318.4
EUR 135.2 Mio. of debt which
is subject to non-recourse
Goodwill 71.4 71.4
financing
Non-current assets 250.5 251.5
• Solid equity ratio of 37 %
Current assets 72.7 67.3
provides a sound basis for
Liquid funds 32.3 16.5
continuous healthy growth
Equity and Liabilities 323.1 318.4
Equity 118.3 118.9
Non-current liabilities 146.9 147.6
Current liabilities 57.9 51.9
Balance sheet shows solid financial basis for sustainable growth.
19 | August 11, 2010

21. Financials
WORKING CAPITAL 30. JUNE 2010
• Working capital was
in Mio. EUR Jun 09 Sep 09 Dec 09 Mar 10 Jun 10
reduced by EUR 12.7 m.
Turnover (Rolling 12 despite increases in
138.0 156.9 188.1 210.4 233.6
months) turnover compared to
+ Inventories 49.2 36.3 24.1 34.9 25.0 previous year (H1 2009)
+ Trade receivables* 12.0 15.9 10.0 13.5 20.8 • The key driver for this
- Liabilities* 28.4 29.4 19.8 32.0 25.6 positive development was
= Working Capital 32.9 22.8 14.3 16.4 20.2 a significant reductions of
Working Capital / Sales 24% 15% 8% 8% 9%
inventories
-12.7 m.
* incl. advances provided resp. received.
COLEXON continuously reduced its Working Capital in the last quarters.
20 | August 11, 2010

22. Financials
COLSOLIDATED CASH FLOW STATEMENT – H1 2010
in m. EUR H1 2009* H1 2010 • Cash flows from operating
Cash flows activities characterized by
-4.0 -6.4
- operating activities seasonal effects
- investing activities -4.2 -0.9
• Cash flows from financing
- financing activities -0.2 -8.5 activities characterized by
- discontinued operations 3.6 0 scheduled repayment of
financial liabilities
Cash at beginning of period 12.6 32.3
Net change in cash -4.8 -15.7
Cash at end of period 7.8 16.5
* Pro-forma figures
COLEXON disposes of sufficient financial resources to continue continuous growth.
21 | August 11, 2010

23. AGENDA
1 Company
2 Market Environment
3 Key Events
4 Financials
5 Outlook
22 | August 11, 2010

24. Outlook
BUSINESS DEVELOPMENT
Market oriented growth in a dynamic future branch
COLEXON’s diversified growth strategy leads to market oriented and constant growths
COLEXON’s business model allows to react promptly and flexibly to market developments
Internationalization of company growth
COLEXON is positioned in important international growth markets
International share of operating business will be expanded this year
Constant positive operative developmenet
Estimated turnover for 2010: > EUR 200 m.
Estimated EBIT for 2010: EUR 13 m. – EUR 15 m.
COLEXON continues positive development despite EEG changes in Germany.
23 | August 11, 2010

25. Hamburg, August 11, 2010
COLEXON Energy AG
Grosse Elbstrasse 45 • 22767 Hamburg • Germany
FON: +49 40. 28 00 31-0
FAX: +49 40. 28 00 31-101
info@colexon.com
www.colexon.com
24 | August 11, 2010